Tata AIA Life Insurance Freedom Tata AIA Life Insurance Freedom is a Non-Linked, Participating, Endowment Assurance Plan.

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1 Tata AIA Life Insurance Freedom Tata AIA Life Insurance Freedom is a Non-Linked, Participating, Endowment Assurance Plan BASIC DEFINITIONS Annualised Premium shall be the premium paid in a year with respect to the basic sum assured chosen by the policy holder, excluding the underwriting extra premiums and loading for modal premiums, if any Basic Sum Assured is the guaranteed amount of the benefit that is payable on the death of the Insured under this Policy. Basic Sum Assured is shown in Policy Schedule. Claimant means the Policyholder or the Life Insured or the Nominee or the assignee or the legal heir of the Policyholder or a legal representative as declared by a Court of competent jurisdiction as the case may be. Date of Commencement of Risk is the date when coverage or risk under this Policy commences and is mentioned on the Policy Schedule. Life Insured means the person whose life is insured under the Policy as shown on the Policy Schedule. Interpretation Whenever the context requires, the masculine form shall apply to feminine and singular terms shall include the plural. Maturity / Expiry Date of this Policy is shown on the Policy Schedule and all benefits under the Policy shall cease to exist. Guaranteed Sum Assured on Maturity refers to the absolute amount of benefit which is guaranteed to become payable on maturity of the policy. Guaranteed Sum Assured on Maturity will be equal to the Basic Sum Assured. Outstanding amount means any unpaid policy loans including accrued interest, unpaid premiums, deductibles and any other amounts owed to the Company. Policy means this contract of insurance. Policy Anniversary refers to the same date each year as the Policy Date. Policy Date as shown in the Policy Schedule is the date from which Policy Anniversaries, Policy Years, Policy Months and Premium Due Dates are determined. Premium Payment Term is the number of years that premium is payable for and is mentioned on the Policy Schedule. Policy Term is the maximum period in years for which the policy can remain in force and is mentioned on the Policy Schedule. Revival Date is the approval date of revival of the Policy. Total Premiums Paid" shall be the amount equal to the total premiums paid during the premium payment term of the policy. Such amount should be excluding underwriting extra premiums and loading for modal premiums, if any. We, Us, Our or Company refers to Tata AIA Life Insurance Company Limited. You or Your means the Policyholder of this Policy as shown in the Policy Schedule. 3. PART C 3.1. Key Benefits Survival Benefit If the Policy is in force and all due premiums have been paid into the policy, the accrued Guaranteed Additions shall be payable at the beginning of the last policy year Guaranteed Additions The Guaranteed Additions will accrue every year at the beginning of each policy year during the premium paying term of the Policy at the rate of 10% p.a. of the annual premium. Guaranteed Additions are guaranteed and shall accrue at Policy Anniversary provided all due premiums have been paid. The accrued Guaranteed Additions shall be payable at the beginning of the last policy year or on early death or surrender (in line with surrender benefit as mentioned under section 4.5.1) Maturity Benefit If the Insured is alive on the Maturity Date and the Policy is in force and all due premiums have been paid into the policy, the Guaranteed Sum Assured on Maturity plus vested Compounded Reversionary Bonus plus IRDA of India Regn No. 110 Page 1 of 24

2 Terminal Bonus (if any) shall be payable to the claimant, after deduction of any due premium and outstanding amount which are unpaid as on date of maturity Bonus i. Compounded Reversionary Bonus This is a participating Policy and its share of divisible surplus will be determined annually by the Company and vested into the Policy as a Reversionary Bonus on each Policy Anniversary from the 1 st Policy Anniversary, provided the Policy is in force and all due premiums have been paid. Reversionary Bonus shall be declared as a percentage of the Basic Sum Assured and vested Compounded Reversionary Bonus. Such vested Bonus once declared is guaranteed and shall be payable along with maturity benefit or death benefit or surrender benefit, as the case may be. ii. Terminal Bonus Provided at least 7 full Annual Premiums have been paid the Terminal Bonus shall be payable on Death or Surrender (in line with surrender benefit as mentioned under section 4.5.1) or on Maturity as a percentage (as declared by the Company) of the Basic Sum assured Compounded Reversionary Bonus and Terminal Bonus are not guaranteed Death Benefit Upon death of the insured during the term of the policy, the Sum Assured on death along with the accrued Guaranteed Additions till death vested Compounded Reversionary Bonus and Terminal Bonus (if any) shall be payable to the Claimant. If the death occurs in the last policy year, the accrued Guaranteed Additions shall not be payable as the same is paid at the beginning of the year. This total amount shall be subject to a minimum of 105% of Total Premiums Paid, as on date of death. Sum Assured on death shall be highest of the following i. 11 times Annualised Premium; or ii. Absolute amount assured to be paid on death; or iii. Guaranteed Sum Assured on Maturity Where, the absolute amount assured to be paid on death is Basic Sum Assured. The Policy will terminate upon death of the insured and no other benefit under the policy shall be payable. Any due premiums of the policy which are not paid as on date of death will be deducted from the death claim. Risk cover commences along with policy commencement for all lives Premium details Plan Change / Conversion Option Plan change/ Conversion is not allowed under this Policy Payment a. All premiums are payable on or before their due dates to us either at our issuing office or to our authorized Officer or Cashier. b. Collection of advance premium shall be allowed, if the premium is collected within the same financial year. c. The Premium so collected in advance shall only be adjusted on the due date of the premium Change of frequency of premium payment IRDA of India Regn No. 110 Page 2 of 24

3 You may change the frequency of premium payments by written request. Subject to our minimum premium requirements, premiums may be paid on annual, semi-annual or monthly mode at the premium rates applicable on the Issue Date Default After payment of the first premium, failure to pay a subsequent premium on or before its due date will constitute a default in premium payment Grace Period A Grace Period of fifteen (15) days for monthly mode and thirty (30) days for all other modes, from the due date will be allowed for payment of each subsequent premium. The Policy will remain in force during this period. If any premium remains unpaid at the end of its Grace Period, the Policy shall lapse and have no further value except as may be provided under the Non-Forfeiture Provisions. If any claim occurs during the grace period, the death claim shall be paid after deducting any due premium before settlement Deduction of premium at claim If a claim is payable under this Policy, any balance of the premiums due for the full policy year in which death occurs shall be deducted from the proceeds payable under the Policy Payment of benefits The benefit under the Policy shall be payable to the Claimant who will be either the Policyholder, Life Insured, Nominee(s), Assignee(s), Legal Heir(s) or a legal representative as declared by a Court of competent jurisdiction. Once the benefits under this Policy are paid to a Claimant, the same shall constitute a valid discharge of Our liability under this Policy. IRDA of India Regn No. 110 Page 3 of 24

4 4. PART D 4.1 FREE LOOK PERIOD If you are not satisfied with the terms & conditions/features of the policy, you have the right to cancel the policy by providing a written notice to the Company stating objections/reasons and receive the refund of all premiums paid without interest after deducting proportionate risk premium for the period of cover, stamp duty and medical examination cost including applicable taxes, cesses and levies, which have been incurred for issuing the policy. Such notice must be signed by you and received directly by the Company within 15 days from the date of receipt of the policy document by you or person authorized by you. The said period of 15 days shall stand extended to 30 days, if the policy is sourced through distance marketing or electronic mode, which includes every activity of solicitation (lead generation) and sale of insurance products through voice mail, SMS, electronic mode, physical mode (like postal mail) or any other means of communication other than in person. 4.2 REVIVAL If a premium is in default beyond the Grace Period and subject to the Policy not having been surrendered, it may be revived, in accordance with prevailing underwriting guidelines duly approved by the Board, within two years after the due date of the first unpaid premium and before maturity subject to: (i) Your written application for revival; (ii) production of Insured s current health certificate and other evidence of insurability satisfactory to Us; (iii) payment of all overdue premiums with interest; (iv) repayment of any outstanding amount at the due date of the premium at default plus interest. Interest on premiums will be compounded at an annual rate, which will be determined by the insurance company and will be subject to prior approval from IRDA of India. Any evidence of insurability requested at the time of revival will be based on the prevailing underwriting guidelines duly approved by the Board. The revival will be based on the Board approved underwriting policy. The applicable interest rate for revival is determined using the SBI domestic term deposit rate (for tenure 1 year to less than 2 years ), plus 2%. The interest rate will be compounding annually. Any alteration in the formula will be subject to prior approval of IRDA of India. 4.3 LOAN Provided that the policy acquires Surrender Value, You may apply for a policy loan for such an amount up to 65% of Surrender Value. The Policy must be assigned to Tata AIA Life. The surrender value payable is higher of the Guaranteed Surrender Value or Special Surrender Value and shall be available after first full years premium has been paid as per Clause 4.5 under Part D. 4.4 LOAN INTEREST a. Daily interest shall accrue on policy loan at a rate which We shall determine. b. Interest shall be payable on each Policy Anniversary after the loan date and until the loan is repaid. c. Any unpaid interest shall be added to the principal loan and bear interest at the same rate. At anytime while this Policy is in force, you may repay the principal and accrued interest, or any part of the loan. d. When the loan with accrued interest exceeds the Surrender Value, the policy will become void. e. The clause 4.4(d) mentioned above shall not be applicable, during the Premium Paying Term as mentioned on the Policy Schedule. However, anytime during the term of the Policy, clause 4.4(d) mentioned above shall be applicable if the Policy is in lapsed or Reduced Paid up status. Interest rate applicable for policy loan will be equal to the prevailing SBI (State Bank Of India) domestic term deposit interest rate (as applicable for tenure of 1 year to less than 2 years) + 2% This formula will be reviewed annually and only altered subject to prior approval of IRDA of India. The rate of interest is compounding annually. 4.5 NON FORFEITURE PROVISIONS When the full premium for the first policy year is not paid within the grace period, the policy shall lapse from IRDA of India Regn No. 110 Page 4 of 24

5 the due date of unpaid premium and no benefits will be payable. However, if full premium has been paid for the first policy year and then failed to pay the subsequent premium within the Grace Period, the Policy will be converted into a Reduced Paid Up Policy by default Surrender Benefit: The Policy can be surrendered any time during the term of the policy, provided at least the first full years premium has been paid. The surrender value payable is higher of Guaranteed Surrender Value or Special Surrender Value. The minimum guaranteed surrender value shall be the sum of Guaranteed surrender value and the surrender value of any subsisting bonus and Guaranteed Additions, as applicable, already vested to the Policy Guaranteed Surrender Value (GSV) Guaranteed Surrender Value = (Total Premiums Paid x Guaranteed Surrender Value factor for premium) + (vested Compounded Reversionary Bonus, if any, + Accrued Guaranteed Additions) x Guaranteed Surrender Value factor for Compounded Reversionary Bonus & Guaranteed Additions. If the surrender occurs in the last policy year, the accrued Guaranteed Additions shall not be payable as the same is paid at the beginning of the year. Guaranteed Surrender Value factor will be as applicable at the time of Surrender and are as per table annexed as Annexure A with this Contract Special Surrender Value (SSV) In case of In-force policies: Special Surrender Value = Special Surrender Value Factor x (Basic Sum Assured x (No of premiums paid)/ (No of premiums payable, during the entire policy term) + Accrued Guaranteed Additions + Vested Compounded Reversionary Bonus + Terminal Bonus, if any). If the surrender occurs in the last policy year, the accrued Guaranteed Additions shall not be payable as the same is paid at the beginning of the year. In case of Reduced paid up: Special Surrender Value = Special Surrender Value Factor x (Reduced Paid-up Sum Assured + Accrued Guaranteed Additions +Vested Compounded Reversionary Bonus + Terminal Bonus, if any) If the surrender occurs in the last policy year, the accrued Guaranteed Additions shall not be payable as the same is paid at the beginning of the year. Where, Reduced Paid-up Sum Assured= Basic Sum Assured x (t/n) Where, t= Number of premiums paid n= Number of premiums payable for the entire term of the policy. Special Surrender value factor will be as applicable at the time of Surrender and are as per table annexed as Annexure A with this Contract. The Special Surrender Value Factors vary according to the policy term and policy year of surrender. We have the right to review the basis for calculating these factors from time to time based on the experience and will be subject to prior approval of Insurance Regulatory and Development Authority of India Reduced Paid-Up: If the full premium for the first policy year has been paid, and subsequent premiums remain unpaid and the Policy has not been surrendered, the Policy will be converted into a Reduced Paid Up Policy by default. Once the policy becomes Reduced paid up, the policy shall not be entitled to any further Compounded Reversionary Bonus and Terminal bonus, if, any. Guaranteed Additions will not accrue further once the policy becomes reduced paid up. IRDA of India Regn No. 110 Page 5 of 24

6 In case of Reduced paid up policies, the benefit shall be payable as under : a. Death Benefit : On death of the life insured during the policy term, Sum Assured on Death x (Number of premiums paid)/ (Number of premiums payable, during the entire policy term) plus Accrued Guaranteed Additions plus vested Compounded Reversionary Bonus and Terminal Bonus, if any shall be payable. If the death occurs in the last policy year, the accrued Guaranteed Additions shall not be payable as the same is paid at the beginning of the year. This total amount will be subject to a minimum of 105% of Total Premiums Paid, as on the date of death. b. Survival Benefit : The accrued Guaranteed Additions shall be payable at the beginning of the last policy year. c. Maturity Benefit : Guaranteed Sum Assured on Maturity x (Number of premiums paid)/ (Number of premiums payable, during the entire policy term) along with vested Compounded Reversionary Bonus plus Terminal Bonus, if any, shall be payable. Once the policy becomes reduced paid up, the policy shall not be entitled to any further Compounded Reversionary Bonuses, Terminal Bonuses and Guaranteed Additions. Provided the Policy has not been Surrendered, the Policy shall continue to be in Reduced Paid up status unless revivied within two years from the due date of first unpaid premium, by paying all due premiums together with interest as mentioned in Clause 4.2 Part D ( Revival ) of this Policy. IRDA of India Regn No. 110 Page 6 of 24

7 PART E Not Applicable for this Product IRDA of India Regn No. 110 Page 7 of 24

8 5. PART F 6.1 THE POLICY CONTRACT This Policy Contract is issued on the basis of the details provided by You in the Proposal Form and the Declaration signed by You, on receipt of the required premium amount and any attached endorsement given at the time of issuing this Policy. The Policy, proposal for it, the Policy Schedule and any attached endorsements constitute the entire contract. The terms and conditions of this Policy cannot be changed or waived except by endorsement duly signed by Our authorized officer. Your Policy consists of the basic insurance plan and any endorsements which may be attached to it 6.2 FRAUD, MISREPRESENTATION AND FORFEITURE Fraud, Misrepresentation and forfeiture would be dealt with in accordance with provisions of Section 45 of the Insurance Act 1938 as amended from time to time. The simplified version of the provisions of Section 45 is enclosed in annexure (4) for reference. 6.3 EXCLUSIONS SUICIDE In case of death due to suicide by the Insured, whether sane or insane, within 12 months from the Date of Commencement of Policy (which is same as the date of inception of the policy), the nominee shall be entitled to Total Premiums Paid, provided the Policy is in force. In case of death due to suicide by the Insured, whether sane or insane, within 12 months from the date of revival, the nominee shall be entitled to higher of Total Premiums Paid or the acquired surrender value as on the date of death, provided the Policy is in force. 6.4 MISSTATEMENT OF AGE AND GENDER Subject to Section 45 of the Insurance Act, 1938 as amended from time to time. This Policy is issued at the age and gender shown on the Policy Schedule which is the Insured s declared age at last birthday and declared gender in the proposal. If the age and/or gender is misstated and higher premium should have been charged, the benefit payable under this Policy shall be after deduction of such difference of premium along with interest thereon. In such cases, the policy shall be subject to re-underwriting and the Sum Assured shall be subject to Your eligibility as per Our Underwriting norms and the premium to be deducted shall be calculated proportionately on such Sum Assured payable. If the Insured s age/gender is misstated and lower premium should have been charged, the Company will refund any excess premiums paid without interest. If at the correct age/gender it is found that the Life Insured was not eligible to be covered under this Policy pursuant to our Underwriting rules, the Policy shall be void-ab-initio and the Company will refund the Total Premiums paid without interest after deducting all applicable charges like medical, Stamp duty, Proportionate Risk premium, applicable taxes, cesses and levies etc., incurred by the Company under the Policy. 6.5 NOMINATION Nomination allowed as per provisions of Section 39 of the Insurance Act 1938 as amended from time to time. The simplified version of the provisions of Section 39 is enclosed in annexure (3) for reference. 6.6 ASSIGNMENT Assignment allowed as per provisions of Section 38 of the Insurance Act 1938 as amended from time to time. The simplified version of the provisions of Section 38 is enclosed in annexure (2) for reference. 6.7 CURRENCY AND PLACE OF PAYMENT All amounts payable either to or by Us will be paid in the Indian currency. Such amounts will be paid by a negotiable bank draft or cheque drawn on a bank or NEFT (National Electronic Funds Transfer) or electronic clearing systems. All amounts due from Us will be payable from Our office. IRDA of India Regn No. 110 Page 8 of 24

9 6.8 LOSS OF POLICY DOCUMENT If the Policy Document is lost or destroyed, then at the request of the policyholder, the Company, will issue a duplicate Policy Document duly endorsed to show that it is issued following the loss or destruction of the original Policy Document. Duplicate policy will be issued after furnishing of Indemnity Bond and payment of charges for preparing duplicate policy and stamp fee by policy holder. Upon the issue of the duplicate policy Document, the original Policy Document immediately and automatically ceases to have any validity. The Company will charge a fee of Rs. 250 along with the applicable taxes, cesses and levies, for the issuance of a duplicate Policy Document. The Policyholder has to also submit an Indemnity Bond executed on Rs.200 Stamp paper along with a Policy Lost Declaration. These charges are subject to revision by the Company from time to time. 6.9 FREEDOM FROM RESTRICTIONS Unless otherwise specified, this Policy is free from any restrictions upon the Insured as to travel, residence or occupation TAXES All Premiums, Charges, and interest payable under the policy are exclusive of applicable taxes, duties, surcharge, cesses or levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium, charges or interest. Tata AIA Life shall have the right to claim, deduct, adjust and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy CHANGE IN BASIC SUM ASSURED Increase / Decrease in Basic Sum Assured is not allowed in this Policy CLAIMS Notice of Claim All cases of death must be notified immediately to us in writing. However, any delay in notifying shall require to be substantiated to Our satisfaction Please note death claim will be paid to the rightful claimant CLAIMS REQUIREMENTS DEATH CLAIMS REQUIREMENTS For processing the claim request under this Policy, we will require the following documents: Type of Claim Death (all causes of death other than the Accidental Death) Requirement a) Claim Forms Application Form for Death Claim (Claimant's Statement) along with NEFT form Part II: Physician's Statement - to be filled by last attending physician b) Death Certificate issued by a local government body like Municipal Corporation / Village Panchayat c) Medical Records (Admission Notes, Discharge/Death Summary, Indoor Case Papers, Test Reports etc) 1 d) Original Policy document e) Claimant's age proof & relationship with the Insured along with Address proof of the claimant (if current address different from Aadhar card) Claimant s Aadhar Card Claimant s PAN Card OR Form 60 If no nomination - Proof of legal title to the claim proceeds (e.g. legal succession paper) IRDA of India Regn No. 110 Page 9 of 24

10 If Death due to Accident (to be submitted in addition to the above) f) Bank Details of the claimant Cancelled cheque with name and account number printed or cancelled cheque with copy of Bank Passbook / Bank Statement. g) Insured s Aadhar & PAN Card h) Postmortem report (Autopsy report) & Chemical Viscera report - if performed i) All Police Papers Panchnama, Inquest, First Information Report (FIR) and Final Investigation Report h) Newspaper cutting / Photographs of the accident - if available NOTE: In case the claim warrants any additional requirement, the Company reserves the right to call for the same. Notification of claim & submission of the claim requirements does not mean admission of the claim liability by the Company Claims Intimation Process Please inform the company immediately upon occurrence of death. A claim can be made through any of the following avenues:- a. Online at b. - Customercare@tataaia.com c. Call our helpline number (local charges apply) d. Walk into any of the Company branch office e. Write directly to us on following address: Tata AIA Life Insurance Company Limited B - Wing, 9th Floor, I-Think Techno Campus, Behind TCS, Pokhran Road No.2, Close to Eastern Express Highway, Thane (West) , Maharashtra. In case of exceptional circumstances/force majeure events, the Company will consider making claim payment subject to its own internal investigation and submission of satisfactory proof that the required documents could not be produced during the time of claim by the Claimant FORCE MAJEURE If the performance by the Company of any of its obligations herein shall be in any way prevented or hindered in consequence of any act of God or State, Strike, Lock out, Legislation or restriction of any Government or other authority or any other circumstances beyond the anticipation or control of the Company, the performance of this contract with prior approval of IRDA of India shall be wholly or partially suspended during the continuance of the Force Majeure event and the company will resume the contract terms and conditions when such event cease to exist CHANGE IN ADDRESS OF POLICYHOLDER OR NOMINEE In order to provide You better services, We request You to intimate us in the event of any change in the address of the Policyholder or the nominee. IRDA of India Regn No. 110 Page 10 of 24

11 7. PART G CONSUMER INFORMATION POLICYHOLDER'S SERVICING With regards to any query or issue related to the Policy, the Policyholder can contact the Company through the following service avenues Contact your Tata AIA Life Agent / Distributor Call our helpline number (local charges apply) us at customercare@tataaia.com Visit the nearest the Tata AIA Life branch or CAMS Service Center Log on to Online Customer Portal by visiting Write to Us at - B- wing, 9th Floor, I-Think Techno Campus, Behind TCS, Pokhran Road No.2, Close to Eastern Express Highway, Thane (West) , Maharashtra. GRIEVANCE REDRESSAL PROCEDURE 1) Resolution of Grievances Customers can register their grievances through multiple service avenues: Call our helpline number (local call charges apply) us at life.complaints@tataaia.com Login to online policy account on SMS SERVICE to to receive a call back from our Customer Service Representative Visit any of the nearest Tata AIA Life branches or CAMS Service Centers Contact your Tata AIA Life Agent / Distributor Log on to IGMS website Write to us on the following address: Grievance Redressal Department Tata AIA Life Insurance Company Limited - B- wing, 9th Floor, I-Think Techno Campus, Behind TCS, Pokhran Road No.2, Close to Eastern Express Highway, Thane (West) , Maharashtra. - We shall acknowledge a customer's grievance within 3 business days by providing the customer with the name of the Grievance Redressal Executive who is responsible to handle the grievance. - We shall provide the customer with an equitable resolution within 2 weeks of receipt of the grievance. - In case customers wishes to contact us during the course of the assessment, they can contact us at any of the above mentioned touch points. - All Tata AIA Life branches have a Grievance Redressal Officer who can be contacted for any support during the grievance redressal process 2) Escalation Mechanism In case customers are not satisfied with the decision of the above offices, or has not received any response within two weeks, they may contact the following officials for resolution: 1st level of Escalation: Sr. Manager- Customer Service 2nd level of Escalation: Head - Customer Service 3rd level of Escalation: Grievance Redressal Officer (GRO) For escalations, customers can to head.customerservice@tataaia.com or write to Tata AIA Life Insurance Company Limited, B-Wing, 9th Floor, I-Think Techno Campus, Behind TCS, Pokhran Road No.2, Close to Eastern Express Highway, Thane (West) Maharashtra We request our customers to follow the escalation mechanism in case of non receipt of response or unsatisfactory response from the concerned persons mentioned above. If you are not satisfied with the response or do not receive a response from us within 15 days, you may approach the Grievance Cell of the Insurance Regulatory and Development Authority of India (IRDAI) on the following contact details: IRDA of India Regn No. 110 Page 11 of 24

12 IRDAI Grievance Call Centre (IGCC) TOLL FREE NO: ID: You can also register your complaint online at Address for communication for complaints by fax/paper: Consumer Affairs Department- Grievance Redressal Cell. Insurance Regulatory and Development Authority of India Sy.No.115/1, Financial District, Nanakramguda, Gachibowli, Hyderabad ) Insurance Ombudsman: Where the redressal provided by the Company is not satisfactory despite the escalation above, the customer may represent the case to the Ombudsman for Redressal of the grievance, if it pertains to the following: - Delay in settlement of claim - Partial or total rejection of claim; - Dispute with regard to premium; - Misrepresentation of policy terms and conditions; - Legal construction of the policy in so far as dispute related to claim; - Grievance relating to policy servicing; - Issuance of policy which is not in conformity with proposal form; - Non- issuance of your insurance document; and - Any other matter resulting from the violation of provisions of the Insurance Act, 1938 or the regulations, circulars, guidelines or instructions issued by the IRDAI from time to time or the terms and conditions of the policy contract, in so far as they relate to issues mentioned hereinabove. Please refer to our website for further details in this regard. The list of Ombudsman address is attached as Annexure 1 The complaint should be made in writing duly signed by the complainant or through his legal heirs, nominee or assignee, and shall state clearly the name and address of the complainant, the name of the branch or office of the insurer against whom the complaint is made, the facts giving rise to the complaint, supported by documents, the nature and extent of the loss caused to the complainant and the relief sought from the Insurance Ombudsman. As per provision 14(3) of the Insurance Ombudsman Rules, 2017; the complaint to the Ombudsman can be made: Only if the grievance has been rejected by the Grievance Redressal Machinery of the Insurer; or the complainant had not received any reply within a period of one month after the Insurer received his representation; or the complainant is not satisfied with the reply given to him by the Insurer. IRDA of India Regn No. 110 Page 12 of 24

13 ANNEXURE A SURRENDER VALUE FACTORS GSV factor applicable to Total Premiums Paid IRDA of India Regn No. 110 Page 13 of 24

14 GSV factor for Compounded Reversionary Bonus & Guaranteed Additions: Year of Surrender /Term % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 2 32% 31% 30% 29% 28% 27% 26% 25% 24% 23% 22% 21% 20% 19% 18% 17% 16% 15% 14% 13% 12% 11% 10% 9% 8% 7% 3 33% 32% 31% 30% 29% 28% 27% 26% 25% 24% 23% 22% 21% 20% 19% 18% 17% 16% 15% 14% 13% 12% 11% 10% 9% 8% 4 34% 33% 32% 31% 30% 29% 28% 27% 26% 25% 24% 23% 22% 21% 20% 19% 18% 17% 16% 15% 14% 13% 12% 11% 10% 9% 5 35% 34% 33% 32% 31% 30% 29% 28% 27% 26% 25% 24% 23% 22% 21% 20% 19% 18% 17% 16% 15% 14% 13% 12% 11% 10% 6 36% 35% 34% 33% 32% 31% 30% 29% 28% 27% 26% 25% 24% 23% 22% 21% 20% 19% 18% 17% 16% 15% 14% 13% 12% 11% 7 37% 36% 35% 34% 33% 32% 31% 30% 29% 28% 27% 26% 25% 24% 23% 22% 21% 20% 19% 18% 17% 16% 15% 14% 13% 12% 8 38% 37% 36% 35% 34% 33% 32% 31% 30% 29% 28% 27% 26% 25% 24% 23% 22% 21% 20% 19% 18% 17% 16% 15% 14% 13% 9 39% 38% 37% 36% 35% 34% 33% 32% 31% 30% 29% 28% 27% 26% 25% 24% 23% 22% 21% 20% 19% 18% 17% 16% 15% 14% 10 40% 39% 38% 37% 36% 35% 34% 33% 32% 31% 30% 29% 28% 27% 26% 25% 24% 23% 22% 21% 20% 19% 18% 17% 16% 15% 11 40% 39% 38% 37% 36% 35% 34% 33% 32% 31% 30% 29% 28% 27% 26% 25% 24% 23% 22% 21% 20% 19% 18% 17% 16% 12 40% 39% 38% 37% 36% 35% 34% 33% 32% 31% 30% 29% 28% 27% 26% 25% 24% 23% 22% 21% 20% 19% 18% 17% 13 40% 39% 38% 37% 36% 35% 34% 33% 32% 31% 30% 29% 28% 27% 26% 25% 24% 23% 22% 21% 20% 19% 18% 14 40% 39% 38% 37% 36% 35% 34% 33% 32% 31% 30% 29% 28% 27% 26% 25% 24% 23% 22% 21% 20% 19% 15 40% 39% 38% 37% 36% 35% 34% 33% 32% 31% 30% 29% 28% 27% 26% 25% 24% 23% 22% 21% 20% 16 40% 39% 38% 37% 36% 35% 34% 33% 32% 31% 30% 29% 28% 27% 26% 25% 24% 23% 22% 21% 17 40% 39% 38% 37% 36% 35% 34% 33% 32% 31% 30% 29% 28% 27% 26% 25% 24% 23% 22% 18 40% 39% 38% 37% 36% 35% 34% 33% 32% 31% 30% 29% 28% 27% 26% 25% 24% 23% 19 40% 39% 38% 37% 36% 35% 34% 33% 32% 31% 30% 29% 28% 27% 26% 25% 24% 20 40% 39% 38% 37% 36% 35% 34% 33% 32% 31% 30% 29% 28% 27% 26% 25% 21 40% 39% 38% 37% 36% 35% 34% 33% 32% 31% 30% 29% 28% 27% 26% 22 40% 39% 38% 37% 36% 35% 34% 33% 32% 31% 30% 29% 28% 27% 23 40% 39% 38% 37% 36% 35% 34% 33% 32% 31% 30% 29% 28% 24 40% 39% 38% 37% 36% 35% 34% 33% 32% 31% 30% 29% 25 40% 39% 38% 37% 36% 35% 34% 33% 32% 31% 30% 26 40% 39% 38% 37% 36% 35% 34% 33% 32% 31% 27 40% 39% 38% 37% 36% 35% 34% 33% 32% 28 40% 39% 38% 37% 36% 35% 34% 33% 29 40% 39% 38% 37% 36% 35% 34% 30 40% 39% 38% 37% 36% 35% 31 40% 39% 38% 37% 36% 32 40% 39% 38% 37% 33 40% 39% 38% 34 40% 39% 35 40% IRDA of India Regn No. 110 Page 14 of 24

15 SSV Factors: Year of Surrender /Term % 56% 53% 51% 48% 45% 43% 41% 39% 37% 35% 34% 32% 31% 29% 28% 27% 26% 25% 24% 23% 23% 22% 21% 21% 20% 2 63% 60% 56% 53% 51% 48% 45% 43% 41% 39% 37% 35% 34% 32% 31% 30% 28% 27% 26% 25% 24% 24% 23% 22% 22% 21% 3 67% 63% 60% 57% 54% 51% 48% 46% 43% 41% 39% 37% 36% 34% 33% 31% 30% 29% 28% 27% 26% 25% 24% 23% 23% 22% 4 71% 67% 63% 60% 57% 54% 51% 48% 46% 44% 41% 39% 38% 36% 34% 33% 31% 30% 29% 28% 27% 26% 25% 25% 24% 23% 5 75% 71% 67% 63% 60% 57% 54% 51% 48% 46% 44% 42% 40% 38% 36% 35% 33% 32% 31% 29% 28% 28% 27% 26% 25% 25% 6 79% 75% 71% 67% 63% 60% 57% 54% 51% 49% 46% 44% 42% 40% 38% 36% 35% 34% 32% 31% 30% 29% 28% 27% 26% 26% 7 84% 79% 75% 71% 67% 63% 60% 57% 54% 51% 49% 46% 44% 42% 40% 38% 37% 35% 34% 33% 31% 30% 29% 28% 28% 27% 8 89% 84% 79% 75% 71% 67% 63% 60% 57% 54% 51% 49% 46% 44% 42% 40% 39% 37% 36% 34% 33% 32% 31% 30% 29% 28% 9 94% 89% 84% 79% 75% 71% 67% 64% 60% 57% 54% 52% 49% 47% 45% 43% 41% 39% 37% 36% 35% 33% 32% 31% 30% 30% % 94% 89% 84% 79% 75% 71% 67% 64% 60% 57% 54% 52% 49% 47% 45% 43% 41% 39% 38% 36% 35% 34% 33% 32% 31% % 94% 89% 84% 79% 75% 71% 67% 64% 60% 57% 55% 52% 49% 47% 45% 43% 41% 40% 38% 37% 36% 34% 33% 32% % 94% 89% 84% 79% 75% 71% 67% 64% 61% 57% 55% 52% 50% 47% 45% 43% 42% 40% 39% 37% 36% 35% 34% % 94% 89% 84% 79% 75% 71% 67% 64% 61% 58% 55% 52% 50% 48% 46% 44% 42% 40% 39% 38% 36% 35% % 94% 89% 84% 79% 75% 71% 67% 64% 61% 58% 55% 52% 50% 48% 46% 44% 42% 41% 39% 38% 37% % 94% 89% 84% 80% 75% 71% 68% 64% 61% 58% 55% 53% 50% 48% 46% 44% 43% 41% 40% 39% % 94% 89% 84% 80% 75% 71% 68% 64% 61% 58% 55% 53% 51% 48% 47% 45% 43% 42% 40% % 94% 89% 84% 80% 75% 71% 68% 64% 61% 58% 56% 53% 51% 49% 47% 45% 44% 42% % 94% 89% 84% 80% 75% 71% 68% 64% 61% 58% 56% 53% 51% 49% 47% 46% 44% % 94% 89% 84% 80% 75% 71% 68% 65% 61% 59% 56% 54% 51% 50% 48% 46% % 94% 89% 84% 80% 75% 72% 68% 65% 62% 59% 56% 54% 52% 50% 48% % 94% 89% 84% 80% 76% 72% 68% 65% 62% 59% 57% 54% 52% 50% % 94% 89% 84% 80% 76% 72% 68% 65% 62% 59% 57% 55% 53% % 94% 89% 84% 80% 76% 72% 68% 65% 62% 60% 57% 55% % 94% 89% 84% 80% 76% 72% 69% 65% 63% 60% 58% % 94% 89% 84% 80% 76% 72% 69% 66% 63% 60% % 94% 89% 84% 80% 76% 72% 69% 66% 63% % 94% 89% 84% 80% 76% 72% 69% 66% % 94% 89% 84% 80% 76% 73% 69% % 94% 89% 84% 80% 76% 73% % 94% 89% 84% 80% 76% % 94% 89% 85% 80% % 94% 89% 85% % 94% 89% % 94% % IRDA of India Regn No. 110 Page 15 of 24

16 ANNEXURE 1 NAMES OF OMBUDSMAN AND ADDRESSES OF OMBUDSMAN CENTRES Office of the Office Details Jurisdiction of Office Ombudsman Union Territory, District AHMEDABAD 2nd floor, Ambica House, Gujarat, Dadra & Nagar Haveli, Daman and Diu. Near C.U. Shah College, 5, Navyug Colony, Ashram Road, Ahmedabad Tel.: / Fax: bimalokpal.ahmedabad@ecoi.co.in BENGALURU Karnataka. Jeevan Soudha Building, PID No N-19 Ground Floor, 19/19, 24th Main Road, JP Nagar, Ist Phase, Bengaluru Tel.: / bimalokpal.bengaluru@ecoi.co.in BHOPAL Janak Vihar Complex, 2nd Floor, 6, Malviya Nagar, Opp. Airtel Office, Near New Market, Bhopal Tel.: / Fax: bimalokpal.bhopal@ecoi.co.in Madhya Pradesh, Chhattisgarh. BHUBANESHWAR Orissa. 62, Forest park, Bhubaneshwar Tel.: / Fax: CHANDIGARH CHENNAI DELHI GUWAHATI bimalokpal.bhubaneswar@ecoi.co.in S.C.O. No. 101, 102 & 103, 2nd Floor, Batra Building, Sector 17 D, Chandigarh Tel.: / Fax: bimalokpal.chandigarh@ecoi.co.in Fatima Akhtar Court, 4th Floor, 453, Anna Salai, Teynampet, CHENNAI Tel.: / Fax: bimalokpal.chennai@ecoi.co.in 2/2 A, Universal Insurance Building, Asaf Ali Road, New Delhi Tel.: / Fax: bimalokpal.delhi@ecoi.co.in Jeevan Nivesh, 5th Floor, Punjab, Haryana, Himachal Pradesh, Jammu & Kashmir, Chandigarh Tamil Nadu, Pondicherry Town and Karaikal (which are part of Pondicherry). Delhi. Assam, Meghalaya, Manipur, Mizoram, Arunachal Pradesh and Tripura IRDA of India Regn No. 110 Page 16 of 24

17 HYDERABAD JAIPUR ERNAKULAM KOLKATA LUCKNOW MUMBAI NOIDA Nr. Panbazar over bridge, S.S. Road, Guwahati (ASSAM). Tel.: / Fax: bimalokpal.guwahati@ecoi.co.in , 1st floor, "Moin Court", Lane Opp. Saleem Function Palace, A. C. Guards, Lakdi-Ka-Pool, Hyderabad Tel.: / Fax: bimalokpal.hyderabad@ecoi.co.in Jeevan Nidhi II Bldg., Gr. Floor, Bhawani Singh Marg, Jaipur Tel.: Bimalokpal.jaipur@ecoi.co.in 2nd Floor, Pulinat Bldg., Opp. Cochin Shipyard, M. G. Road, Ernakulam Tel.: / Fax: bimalokpal.ernakulam@ecoi.co.in Hindustan Bldg. Annexe, 4th Floor, 4, C.R. Avenue, KOLKATA Tel.: / Fax : bimalokpal.kolkata@ecoi.co.in 6th Floor, Jeevan Bhawan, Phase-II, Nawal Kishore Road, Hazratganj, Lucknow Tel.: / Fax: bimalokpal.lucknow@ecoi.co.in 3rd Floor, Jeevan Seva Annexe, S. V. Road, Santacruz (W), Mumbai Tel.: / Fax: bimalokpal.mumbai@ecoi.co.in Bhagwan Sahai Palace 4th Floor, Main Road, Andhra Pradesh, Telangana, Yanam and part of Territory of Pondicherry. Rajasthan. Kerala, Lakshadweep, Mahe-a part of Pondicherry West Bengal, Sikkim, Andaman & Nicobar Islands Districts of Uttar Pradesh : Laitpur, Jhansi, Mahoba, Hamirpur, Banda, Chitrakoot, Allahabad, Mirzapur, Sonbhabdra, Fatehpur, Pratapgarh, Jaunpur,Varanasi, Gazipur, Jalaun, Kanpur, Lucknow, Unnao, Sitapur, Lakhimpur, Bahraich, Barabanki, Raebareli, Sravasti, Gonda, Faizabad, Amethi, Kaushambi, Balrampur, Basti, Ambedkarnagar, Sultanpur, Maharajgang, Santkabirnagar, Azamgarh, Kushinagar, Gorkhpur, Deoria, Mau, Ghazipur, Chandauli, Ballia, Sidharathnagar Goa, Mumbai Metropolitan Region excluding Navi Mumbai & Thane. State of Uttaranchal and the following Districts of Uttar Pradesh: Agra, Aligarh, Bagpat, Bareilly, Bijnor, IRDA of India Regn No. 110 Page 17 of 24

18 PATNA PUNE Naya Bans, Sector 15, G.B. Nagar, Noida. PATNA 1st Floor,Kalpana Arcade Building, Bazar Samiti Road, Bahadurpur, Patna Jeevan Darshan Bldg., 3rd Floor, C.T.S. No.s. 195 to 198, N.C. Kelkar Road, Narayan Peth, Pune Tel.: Budaun, Bulandshehar, Etah, Kanooj, Mainpuri, Mathura, Meerut, Moradabad, Muzaffarnagar, Oraiyya, Pilibhit, Etawah, Farrukhabad, Firozbad, Gautambodhanagar, Ghaziabad, Hardoi, Shahjahanpur, Hapur, Shamli, Rampur, Kashganj, Sambhal, Amroha, Hathras, Kanshiramnagar, Saharanpur. Bihar, Jharkhand. Maharashtra, Area of Navi Mumbai and Thane excluding Mumbai Metropolitan Region. For further information or latest updated list of Ombudsman Office addresses, kindly visit the IRDA of India website - Ombudsman / List of Insurance Ombudsmen OR our website IRDA of India Regn No. 110 Page 18 of 24

19 ANNEXURE 2 A. Section 38 - Assignment and Transfer of Insurance Policies Assignment or transfer of a policy should be in accordance with Section 38 of the Insurance Act, 1938 as amended from time to time by Insurance Laws (Amendment) Act, The extant provisions in this regard are as follows: 01. This policy may be transferred/assigned, wholly or in part, with or without consideration. 02. An Assignment may be effected in a policy by an endorsement upon the policy itself or by a separate instrument under notice to the Insurer. 03. The instrument of assignment should indicate the fact of transfer or assignment and the reasons for the assignment or transfer, antecedents of the assignee and terms on which assignment is made. 04. The assignment must be signed by the transferor or assignor or duly authorized agent and attested by at least one witness. 05. The transfer of assignment shall not be operative as against an insurer until a notice in writing of the transfer or assignment and either the said endorsement or instrument itself or copy there of certified to be correct by both transferor and transferee or their duly authorised agents have been delivered to the insurer. 06. Fee to be paid for assignment or transfer can be specified by the Authority through Regulations. 07. On receipt of notice with fee, the insurer should Grant a written acknowledgement of receipt of notice. Such notice shall be conclusive evidence against the insurer of duly receiving the notice. 08. If the insurer maintains one or more places of business, such notices shall be delivered only at the place where the policy is being serviced. 09. The insurer may accept or decline to act upon any transfer or assignment or endorsement, if it has sufficient reasons to believe that it is a. not bonafide or b. not in the interest of the policyholder or c. not in public interest or d. is for the purpose of trading of the insurance policy. 10. Before refusing to act upon endorsement, the Insurer should record the reasons in writing and communicate the same in writing to Policyholder within 30 days from the date of policyholder giving a notice of transfer or assignment. 11. In case of refusal to act upon the endorsement by the Insurer, any person aggrieved by the refusal may prefer a claim to IRDAI within 30 days of receipt of the refusal letter from the Insurer. 12. The priority of claims of persons interested in an insurance policy would depend on the date on which the notices of assignment or transfer is delivered to the insurer; where there are more than one instruments of transfer or assignment, the priority will depend on dates of delivery of such notices. Any dispute in this regard as to priority should be referred to Authority. 13. Every assignment or transfer shall be deemed to be absolute assignment or transfer and the assignee or transferee shall be deemed to be absolute assignee or transferee, except a. where assignment or transfer is subject to terms and conditions of transfer or assignment OR b. where the transfer or assignment is made upon condition that IRDA of India Regn No. 110 Page 19 of 24

20 i. the proceeds under the policy shall become payable to policyholder or nominee(s) in the event of assignee or transferee dying before the insured OR ii. the insured surviving the term of the policy Such conditional assignee will not be entitled to obtain a loan on policy or surrender the policy. This provision will prevail notwithstanding any law or custom having force of law which is contrary to the above position. 14. In other cases, the insurer shall, subject to terms and conditions of assignment, recognize the transferee or assignee named in the notice as the absolute transferee or assignee and such person a. shall be subject to all liabilities and equities to which the transferor or assignor was subject to at the date of transfer or assignment and b. may institute any proceedings in relation to the policy c. obtain loan under the policy or surrender the policy without obtaining the consent of the transferor or assignor or making him a party to the proceedings 15. Any rights and remedies of an assignee or transferee of a life insurance policy under an assignment or transfer effected before commencement of the Insurance Laws (Amendment) Act, 2015 shall not be affected by this section. [Disclaimer: This is not a comprehensive list of amendments of Insurance Laws (Amendment) Act, 2015 and only a simplified version prepared for general information. Policy Holders are advised to refer to Original Amendment Gazette Notification dated March 20, 2015 for complete and accurate details. ] IRDA of India Regn No. 110 Page 20 of 24

21 ANNEXURE 3 B. Section 39 - Nomination by policyholder Nomination of a life insurance Policy is as below in accordance with Section 39 of the Insurance Act, 1938 as amended from time to time and by Insurance Laws (Amendment) Act, The extant provisions in this regard are as follows: 01. The policyholder of a life insurance on his own life may nominate a person or persons to whom money secured by the policy shall be paid in the event of his death. 02. Where the nominee is a minor, the policyholder may appoint any person to receive the money secured by the policy in the event of policyholder s death during the minority of the nominee. The manner of appointment to be laid down by the insurer. 03. Nomination can be made at any time before the maturity of the policy. 04. Nomination may be incorporated in the text of the policy itself or may be endorsed on the policy communicated to the insurer and can be registered by the insurer in the records relating to the policy. 05. Nomination can be cancelled or changed at any time before policy matures, by an endorsement or a further endorsement or a will as the case may be. 06. A notice in writing of Change or Cancellation of nomination must be delivered to the insurer for the insurer to be liable to such nominee. Otherwise, insurer will not be liable if a bonafide payment is made to the person named in the text of the policy or in the registered records of the insurer. 07. Fee to be paid to the insurer for registering change or cancellation of a nomination can be specified by the Authority through Regulations. 08. On receipt of notice with fee, the insurer should grant a written acknowledgement to the policyholder of having registered a nomination or cancellation or change thereof. 09. A transfer or assignment made in accordance with Section 38 shall automatically cancel the nomination except in case of assignment to the insurer or other transferee or assignee for purpose of loan or against security or its reassignment after repayment. In such case, the nomination will not get cancelled to the extent of insurer s or transferee s or assignee s interest in the policy. The nomination will get revived on repayment of the loan. 10. The right of any creditor to be paid out of the proceeds of any policy of life insurance shall not be affected by the nomination. 11. In case of nomination by policyholder whose life is insured, if the nominees die before the policyholder, the proceeds are payable to policyholder or his heirs or legal representatives or holder of succession certificate. 12. In case nominee(s) survive the person whose life is insured, the amount secured by the policy shall be paid to such survivor(s). 13. Where the policyholder whose life is insured nominates his a. parents or b. spouse or c. children or d. spouse and children e. or any of them IRDA of India Regn No. 110 Page 21 of 24

22 the nominees are beneficially entitled to the amount payable by the insurer to the policyholder unless it is proved that policyholder could not have conferred such beneficial title on the nominee having regard to the nature of his title. 14. If nominee(s) die after the policyholder but before his share of the amount secured under the policy is paid, the share of the expired nominee(s) shall be payable to the heirs or legal representative of the nominee or holder of succession certificate of such nominee(s). 15. The provisions of sub-section 7 and 8 (13 and 14 above) shall apply to all life insurance policies maturing for payment after the commencement of Insurance Laws (Amendment) Act, If policyholder dies after maturity but the proceeds and benefit of the policy has not been paid to him because of his death, his nominee(s) shall be entitled to the proceeds and benefit of the policy. 17. The provisions of Section 39 are not applicable to any life insurance policy to which Section 6 of Married Women s Property Act, 1874 applies or has at any time applied except where before or after Insurance Laws (Amendment) Act, 2015, a nomination is made in favour of spouse or children or spouse and children whether or not on the face of the policy it is mentioned that it is made under Section 39. Where nomination is intended to be made to spouse or children or spouse and children under Section 6 of MWP Act, it should be specifically mentioned on the policy. In such a case only, the provisions of Section 39 will not apply. [Disclaimer: This is not a comprehensive list of amendments of Insurance Laws (Amendment) Act, 2015 and only a simplified version prepared for general information. Policy Holders are advised to refer to Insurance Laws (Amendment) Act, 2015 for complete and accurate details. ] IRDA of India Regn No. 110 Page 22 of 24